Latest finance news – Page 486
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NewsCostcutter sales edge up as it speeds up Kwiksave roll-out
Sales at Costcutter have edged up in the first six months of the year while it has revised its target for new Kwiksave stores upward.
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NewsBest Buy appoints chief executive as takeover talks stall
US electricals retailer Best Buy has appointed turnaround specialist Hubert Joly as its new chief executive.
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NewsPotential Allders bidders wary on property fears
Allders administrator Duff & Phelps is struggling to sell the iconic department store because of doubts over the property.
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Pet etailer MedicAnimal acquires grooming site
Online pet food retailer MedicAnimal has acquired pet grooming site Petmeds.co.uk.
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NewsCarlyle Group lines up £50m deal for Graze
American private equity firm Carlyle Group is understood to have registered interest in taking a stake in mail order food company Graze.
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NewsJJB founder David Whelan raises concerns over retailer's survival
The founder of JJB Sports David Whelan said the future looks bleak for the struggling sports chain after US backer Dick’s Sporting Goods wrote off the value of its investment in the retailer yesterday.
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Net sales increase for Pantaloon Retail
Future Group-owned Pantaloon Retail’s full-year net sales for the core retail business rose by 7% to INR117.9bn (£1.36bn), compared with INR110.1bn (£1.27bn) last year. Net profit grew to INR2.85bn (£33m) compared with INR766.7m (£8.81m).The retailer added 2.37 million sq ft in the year, taking its total retail space to 16.71 ...
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Sales fall at department store group JCPenney
Department store group JCPenney’s sales fell 22.6% to $3.02bn (£1.92bn) for the second quarter ended July 28. Like-for-like sales were down 21.7%. Online sales were $220m (£140m) in the period, a fall of 32.6%. The retailer said the results included the effects of its exit from its outlet business and ...
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NewsJJB shareholder Dick's writes off investment
JJB Sports shareholder Dick’s Sporting Goods has written off the value of its investment in the retailer just five months after injecting £20m into the struggling chain.
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NewsOcado insists it will not breach banking covenants
Ocado has defended itself against speculation it could breach its banking covenants and has emphasised it is able to fund its second distribution centre.
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NewsInflation jumps to 2.6% in July
Inflation increased to 2.6% in July, up from 2.4% in June, driven by the clothing and footwear sectors as well as transport fares.
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NewsSuperGroup co-founder Theo Karpathios exits
SuperGroup’s co-founder Theo Karpathios has resigned from the fashion business.
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NewsJJB Sports eyed by Jon Moulton's Better Capital
Private equity tycoon Jon Moulton is understood to have offered to buy struggling sportswear retailer JJB Sports.
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NewsDixons increases its stake in Pixmania
Dixons has acquired a 22% stake in ecommerce business Pixmania, taking its share holding in the company to 99%.
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Richard Schulze in bid to purchase Best Buy
Best Buy founder Richard Schulze is vying to buy the electronics giant in a $9bn (£5.8bn) deal.Schulze, who was ousted as chairman in June, already owns 20% of the retailer and is looking to team up with private equity firms to buy the remainder.Schulze’s financial adviser Credit Suisse said it ...
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Lowe’s aims to acquire Canadian competitor
Home improvement retailer Lowe’s aims to acquire Canadian competitor Rona for C$1.8bn (£1.15bn).Rona has already publicly rejected the offer stating that “it is not in the best interest of the company and its stakeholders” and that it would prefer to remain focused on executing its business plan.Rona is implementing its ...
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NewsAnalysis: Majestic Wine prospers in the economic downturn
The specialist wine retailer Majestic Wine is thriving despite the depressed economy.
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NewsFrench Connection warns first-half profits to drop by £7m
French Connection warned first-half operating profits would be £7m lower than last year as it resorted to additional discounting
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NewsHMV reports full-year £16.2m pre-tax loss
HMV made a £16.2m pre-tax loss in its year to April 28 but is confident it will achieve at least £10m profit in its current year.
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NewsJJB Sports investors plot turnaround plan
JJB Sports’ biggest investor Invesco is considering forcing through a restructure of the troubled sportswear retailer to speed up its turnaround plan.